BOVAKI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BOVAKI
Largest movements
- Receivables within one year -€29,755
down €29,755 (-27.5%), from €108,337 to €78,582
of which Trade receivables: -€29,755
- Tangible fixed assets -€22,278
down €22,278 (-9.0%), from €248,253 to €225,975
of which Furniture and vehicles: -€13,679
- Reserves -€71,656
down €71,656 (-33.1%), from €216,662 to €145,007
of which Distributable reserves: -€71,656
- Trade debts +€29,098
up €29,098 (+851%), from €3,418 to €32,515
- Other debts +€21,192
up €21,192 (+414%), from €5,114 to €26,306
- Tax, wage and social debts -€15,235
down €15,235 (-21.8%), from €69,903 to €54,668
- Debts after one year -€14,080
down €14,080 (-43.2%), from €32,597 to €18,517
- Financial charges +€13,829
up €13,829 (+183%), from €7,565 to €21,394
- Gross operating margin -€9,002
down €9,002 (-61.8%), from -€14,571 to -€23,573
- Other operating charges -€5,387
down €5,387 (-51.2%), from €10,518 to €5,131
- Financial income -€3,292
down €3,292 (-78.5%), from €4,194 to €903
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €458,292 | €408,245 | -€50,047 | -10.9% |
| Fixed assets | 21/28 | €248,253 | €225,975 | -€22,278 | -9.0% |
| Tangible fixed assets | 22/27 | €248,253 | €225,975 | -€22,278 | -9.0% |
| Land and buildings | 22 | €208,800 | €208,800 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,970 | €731 | -€1,238 | -62.9% |
| Furniture and vehicles | 24 | €15,403 | €1,724 | -€13,679 | -88.8% |
| Other tangible fixed assets | 26 | €22,080 | €14,720 | -€7,360 | -33.3% |
| Current assets | 29/58 | €210,039 | €182,270 | -€27,769 | -13.2% |
| Stocks and contracts in progress | 3 | €94,110 | €91,995 | -€2,115 | -2.2% |
| Stocks | 30/36 | €94,110 | €91,995 | -€2,115 | -2.2% |
| Amounts receivable within one year | 40/41 | €108,337 | €78,582 | -€29,755 | -27.5% |
| Trade receivables | 40 | €108,337 | €78,582 | -€29,755 | -27.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €7,473 | €11,604 | +€4,131 | +55.3% |
| Deferred charges and accrued income | 490/1 | €119 | €89 | -€30 | -25.2% |
| Total equity and liabilities | 10/49 | €458,292 | €408,245 | -€50,047 | -10.9% |
| Equity | 10/15 | €235,254 | €163,599 | -€71,656 | -30.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €216,662 | €145,007 | -€71,656 | -33.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €214,803 | €143,147 | -€71,656 | -33.4% |
| Amounts payable | 17/49 | €223,038 | €244,646 | +€21,609 | +9.7% |
| Amounts payable after more than one year | 17 | €32,597 | €18,517 | -€14,080 | -43.2% |
| Financial debts | 170/4 | €32,597 | €18,517 | -€14,080 | -43.2% |
| Amounts payable within one year | 42/48 | €190,441 | €226,129 | +€35,689 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €13,459 | €14,080 | +€621 | +4.6% |
| Financial debts | 43 | €97,240 | €97,253 | +€13 | 0.0% |
| Credit institutions | 430/8 | €97,240 | €97,253 | +€13 | 0.0% |
| Trade debts | 44 | €3,418 | €32,515 | +€29,098 | +851% |
| Suppliers | 440/4 | €3,418 | €32,515 | +€29,098 | +851% |
| Advances received on contracts in progress | 46 | €1,308 | €1,308 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €69,903 | €54,668 | -€15,235 | -21.8% |
| Taxes | 450/3 | €69,903 | €54,668 | -€15,235 | -21.8% |
| Other amounts payable | 47/48 | €5,114 | €26,306 | +€21,192 | +414% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,278 | €22,278 | = | 0.0% |
| Other operating charges | 640/8 | €10,518 | €5,131 | -€5,387 | -51.2% |
| Gross operating margin | 9900 | -€14,571 | -€23,573 | -€9,002 | -61.8% |
| Operating profit (loss) | 9901 | -€47,367 | -€50,982 | -€3,615 | -7.6% |
| Financial income | 75/76B | €4,194 | €903 | -€3,292 | -78.5% |
| Recurring financial income | 75 | €4,194 | €903 | -€3,292 | -78.5% |
| Financial charges | 65/66B | €7,565 | €21,394 | +€13,829 | +183% |
| Recurring financial charges | 65 | €7,565 | €21,394 | +€13,829 | +183% |
| Profit (loss) for the period before taxes | 9903 | -€50,738 | -€71,473 | -€20,736 | -40.9% |
| Income taxes | 67/77 | €186 | €182 | -€4 | -2.1% |
| Profit (loss) for the period | 9904 | -€50,924 | -€71,656 | -€20,732 | -40.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,924 | -€71,656 | -€20,732 | -40.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.